BuzzFeed is selling Complex, a pop culture startup, for $108.6 million

BuzzFeed said Wednesday that it is selling Complex — a media startup known for its coverage of streetwear and pop culture — at a significant discount to the purchase price.

The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It will also pay BuzzFeed $5.7 million to cover severance costs of Complex employees that BuzzFeed lays off, along with other costs.

BuzzFeed said it has laid off 16 percent of its remaining workforce, a move expected to save the company $23 million annually. BuzzFeed does not sell First We Feast, the Internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings.

Jonah Peretti, co-founder and CEO of BuzzFeed, said in a statement that the sale of Complex was “an important strategic step” for the company.

“The changes we announced today will enable an exciting next phase for our company,” he said.

BuzzFeed, which has suffered a steep discount in its valuation since going public in 2021, is selling Complex to pay down more than $60 million in debt. BuzzFeed said in a financial filing that it had $150 million in debt as of 2026 and another $33.8 million from a line of credit.

The sale of Complex, which generated more than $55 million in revenue last year, is an oddity for Wall Street: It's selling for more than the market cap of its owner, BuzzFeed, which is about $31 million.

BuzzFeed acquired Complex in 2021 for approximately $294 million in cash and stock.

Aaron Levant, Complex's new CEO, said in a statement that the deal would “create convergence culture's definitive global content, commerce and experience platform.”